Progressive's Options: A Look at What the Big Money is Thinking

Investors with a lot of money to spend have taken a bearish stance on Progressive PGR.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PGR, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 8 options trades for Progressive.

This isn't normal.

The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $25,000, and 7, calls, for a total amount of $250,450.

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Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $160.0 to $195.0 for Progressive over the recent three months.

Analyzing Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Progressive's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Progressive's substantial trades, within a strike price spectrum from $160.0 to $195.0 over the preceding 30 days.

Progressive Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

About Progressive

Progressive underwrites private and commercial auto insurance and specialty lines; it has about 18 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the U.S. and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

Following our analysis of the options activities associated with Progressive, we pivot to a closer look at the company's own performance.

Where Is Progressive Standing Right Now?

• Trading volume stands at 779,034, with PGR's price down by 0.0%, positioned at $182.96.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 62 days.

What The Experts Say On Progressive

Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $195.5.

• An analyst from Piper Sandler persists with their Overweight rating on Progressive, maintaining a target price of $207.
• An analyst from Roth MKM has decided to maintain their Buy rating on Progressive, which currently sits at a price target of $200.
• Maintaining their stance, an analyst from BMO Capital continues to hold a Outperform rating for Progressive, targeting a price of $200.
• An analyst from Keefe, Bruyette & Woods persists with their Market Perform rating on Progressive, maintaining a target price of $175.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Progressive with Benzinga Pro for real-time alerts.